Tech Selloff Resumes, Dow Down 400+ - InvestingChannel

Tech Selloff Resumes, Dow Down 400+



Stocks fell sharply in volatile trading on Thursday as the rout in tech — the best-performing sector in the market — resumed after a one-day break.

The Dow Jones Industrials plummeted 406.22 points, or 1.5%, to 27,534.25.

The S&P 500 stumbled 59.77 points to 3,339.19.

The NASDAQ Composite descended 221.97 points, or 2%, to 10,919.59.

Apple shares were down 3.3% after rising as much as 2.7%. Tesla, which was up more than 8% at one point, closed just 1.4% higher. Netflix and Microsoft were both lower along with Facebook and Amazon. Nvidia shares lost 3.2%.

The S&P 500 tech sector fell 11.4% between the close of Sept. 2 — when the market hit an all-time high — and Tuesday. Over that time period, the S&P 500 dropped nearly 7%. Tech clawed back some of its losses on Wednesday, posting its biggest one-day surge since April before the sell-off resumed Thursday.

Traders also pored over key unemployment data on Thursday.

The U.S. Labor Department said the number of first-time filers for unemployment benefits came in at 884,000. Economists polled by Dow Jones expected claims to come in at 850,000.

Prices for the 10-Year Treasury regained lost ground, weighing yields to 0.68% from Wednesday’s 0.7%. Treasury Prices and yields move in opposite directions.

Oil prices dropped 98 cents to $37.07 U.S. a barrel.

Gold prices slumped $3.30 to $1,968.20 U.S. an ounce.